In the recent Swell 2018 conference, former Chief Product Officer of e-Bay R.J. Pittman evaluated the eminence of Ripple and its technology in the e-Commerce industry. Per the technologist, this particular blockchain will come up as the most appropriate mechanism to address several lacunas related to payments and transactions in the industry. Pittman projected Ripple’s technology as the future of payment systems. He pointed out xCurrent and xRapid to possess the imperative traits that effective payment systems should have. Posing the emergence of a highly competitive market, Ripple based blockchain crypto solutions are believed to offer adequate features to make business streamlined in terms of financial transactions.
Read: About Ripple's Technology
Presently, online payment methodologies in e-Commerce are struck in the bottleneck due to several critical aspects. The internet is failing to offer adequate scalability and the proper infrastructure. Growing user bases and the burgeoning transactions are making tracking and supervision of payment transactions a tough task. The existing web technologies are proven deficient, turning as obsolete methods. Blockchain crypto solutions offer a new dimension in digital payment technology. It is possible to eradicate each critical situation in the conventional system.
In the eCommerce landscape, as Pittman explained, Ripple based payment technologies and blockchain crypto solutions will bridge the information gap between buyers and sellers. Information about shipments and product delivery are the priorities for buyers. While information of a payment processing, the pathways of payments and confirmation of the transactions are the priorities for sellers. Many a time, buyers and sellers are not sure if a transaction was successful. Thus, the platform fails to fulfill its objective completely, relying on several allied systems, third parties, and authenticators.
An eCommerce platform is unable to support seamless information delivery throughout the lifecycle of a product sale. The involvement of additional stakeholders like merchandisers and the supply chain renders more complications in the whole process. Achieving transparency become a utopian idea with massive fuzziness in the operational mechanism.
Read: Blockchain Revolutionizing Supply Chain Management
Distributed Blockchain Ledgers is the emerging game changer in the eCommerce industry. This technology will streamline the allied processes in e-Commerce and facilitate an improvised transaction mechanism. Blockchain Crypto Solutions such as Ripple will enable to render effective integration of buyers and sellers from across the globe. E-Commerce with a global presence will have a special advantage in tracking financial transactions as blockchain support a seamless cross-border transaction. Ripple based platform will make financial transactions, transparent especially intercontinental payments. The technology has the potential to completely restructure the payment mechanism in the eCommerce industry. It will innovate credit settlements and effectively remove the flaws in conventional payment systems.
Risk has been always a strong factor in the enterprise landscape. Being hit by disruptions, many businesses are skeptical in the adoption of blockchain technology. However, the time now is to move on from the limitations of conventional methods and leverage the advantages of futuristic traits. Ripple, being a payment protocol has set its relevance in eCommerce. Similarly, other blockchain based technologies like Smart Contract are transforming industries.